rich at 78%. the nation's soccer stars kicking back. melissa: something that has been unthinkable. the aspect of exporting oil. could it really happen here? time for stocks now as we do every 15 minutes. nicole petallides standing by. nicole: we are selling off. any move to the upside would be a record day on wall street. we are seeing down arrows today. adp private jobs report which really is not a great prelude to what we may expect on friday. let's take a look. the dow is down about 71 points. it is led by many of the financials. a lot of it has to do with the mortgages and the like. the nasdaq composite down nearly

a full percentage point each. i want to take a look at zynga. zynga shares are jumping today. they are rolling out to gambling type casino games. that is over in the uk. insiders are all speculating when they will be able to do that right here in the united states. back to you. melissa: thank you. lori: stocks are drifting lower today. it was after that disappointing employment note. after both the dow and s&p each sol new record closing highs yesterday. with the rally being led by defensive sectors, these less economically sensitive stocks, if you will, how long will that

lag? we have a chief market strategist with us now. please to welcome you to our show. >> it is a chicken play. a lot of folks have gotten into this market because they were forced to. we got through the fiscal cliff. we got through sequestration. we got through higher taxes. we even got through cyprus. they were looking for some type of pullback. you got about 10.5% in the first quarter. it never really came. there was a lot of window dressing. people were forced to buy into a rising market.

they went into the defensive areas. lori: that is smart, though, right? we had the 80 survey which was soft. the expectations were 200,000. investors are very savvy that the overall economy is nowhere near healthy. >> the economy is moving forward. i disagree. everybody would love to see the economy growing at the pace china is, even though china has slowed down. it will take time. with the support, and even though you can argue this is a marketing propped up by the fed,

i think the market could sustain itself. lori: i am to keep interrupting you. i really want to zero in on what is going on right now. could this be the beginning of a more significant pullback? >> it could be. if we see a pullback, it will be rather quick. it will be rather are. it is not a full-blown correction. it is not a bear market. this is a typical walmart that will shake out a lot of week tans. it will give bargain hunters an opportunity to feel marketable. it will be the opportunity for their retail investors sitting at home looking at what they

should be fine. they will be putting their lives together now. lori: what names or industries should be on that list? where do you see the s&p at the end of the year? >> i think you want to have a diversified portfolio. i think you really want to be overweighting the set the goal. things like energy, asic material, industrials, consumer discretionary, financials and technology. as we move forward, businesses will try to do more with. technology will be a beneficiary of that. by the end of the year, we believe the s&p could trade up to 1600.

that is where you will get your seven, eight, 10% return on your polio. if earnings continue to increase, you could probably see 1650 by year end. lori: thank you for joining us. lori: self land is in the pits of the cme. i cannot believe it. oil stocks piled at its highest level. >> i think that is the difference. usually, supplies are a lot lower because we have burned it all up to keep our houses warm. we really have not seen anything like this. what is really interesting is we are out of whack with the signals. right now, gasoline is tumbling. the strong market is heating oil right now.

what we believed about the markets is changing right now. rbob should be flying. not happening today. melissa: metals are also falling? >> it is. we are in a bear market territory. what we are seeing here is a change in the perception of risk aversion. a few months ago, everybody would run to gold and silver. right now it seems to be going into the treasury bonds. be careful. there is still a lot of physical buying. especially out of places like turkey and russia. etf's are strong as well. melissa: thank you for filling us in. >> thank you. lori: the obama administration is pushing to ease mortgage

housing standards. peter barnes is in washington with more. peter: the administration wants to make sure that anyone who can take advantage of these low interest rates can do so. the hope is the administration is trying to do this with taxpayer guarantees. sources say that administration is working with banks, the fha, the justice department and other agencies to help homebuyers with lower credit scores. critics worry that this will just sow the seeds for future financial crisis and spare bailouts. >> it is absolutely incredible to me that we are going again in the same direction, so soon

after the financial crisis simply because the administration and many others have refused to accept the fact that it was government policy that caused the financial crisis and not the failures of wall street. >> it is very important to make sure that a person can afford the loan. this effort does nothing to change that. all it does is loosen up the credit a little bit to get it to more people who can afford a loan. peter: the administration is pushing banks to look at other compensating factors. a homebuyers ability to pay on a mortgage now, if they had lost a job before, but recently gotten another job. these changes could help hundreds of thousands of more

families to buy a home. this could put taxpayers back on the hook. lori: as it always does. peter, thank you. we will have lou dobbs take on this proposal. melissa: we will tell you which ceo just took a 97% pay cut. that would be rough. lori: i guess it depends on how much you get paid. the media giant is now finding story. melissa: excess baggage take on a whole new meaning. samoa charging passengers by the pound. lori: a check at metals as we head to break. gold, silver and copper are heading lower as well. l ♪

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doublemoco. melissa: it is time to make some money with charles payne. he is bringing money to your pocket with fashion. michael cores. charles: it is just one of these names. it has been phenomenal. it has been so phenomenal. have you had profession? here is the trade on wall street right now. by coach. coach, even though they are not executing, it is oversold. they beat the street at 56%. the last quarter, this is on port in unheard-of. 41% more stuff. that stuff is scary. gross margins have improved.

the street is worried about it. michael sequester has sold most of his stuff. the last time he sold in february it was when the stock really became wobbly. since then, it had not been able -- melissa: how much has he made on the stock? charles: about 300 million. melissa: that is amazing. what does he need $600 million? charles: listen, traditional valuation metrics, it is -- i

like the way it is acting. looking at 65 or better. melissa: when you look at the empire that ralph lauren is, i do not know. charles: we will see. ralph lauren is certainly in a class by himself. michael kors is still that aspirational, affordable step up. melissa: thank you very much. lori: let's check the markets as we do every 15 minutes. nicole: talking about search engines. the first is google. shares are down about 1%. the news on google is they are indeed launching a second generation tablet.

you can see here it is over 1%. they are testing it internally. there is a question about whether or not it will ever even be sold to the public. over the last 52 weeks, it is down over 40%. back to you. lori: as always, any thanks. nbc making its tonight show host plans unofficial. melissa: isn't this what got us in trouble in the first place? lou dobbs coming up. ♪ my mantra?

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debacle. >> at 21 minutes past the hour, i have your fox news minute.

the fbi and ohio state police are investigating a public threat at the university of columbus campus. a possible threat of violent. rutgers has fired men ask about coach mike rice after a video surfaced of him verbally and physically abusing several players. they originally had suspended rice for two games and fined him $50,000. more violence in the middle east. palestinians exchanged rocket fire in the gaza strip. no injuries were reported. israel's military spokesperson says israel will not tolerate rocket attacks. those are your headlines. back down to the set and lori. lori: déjà vu all over again.

we are taking our first steps towards another crisis. lou dobbs is here to weigh in. [ laughter ] lou: there is no question. just when i think there is no way that it frustration could stun me, surprised me, they come up with something like this. there is no way to rationalize the suggestion that you allow this to be so easy that you would be back in the business of the affordable index manipulation that we watched under the clinton administration and the bush administration. it is just stunning to me. the% of the folks were first-time homebuyers going into the crisis. it is already back up to 30%.

this has to be benched intelligently. we have an easy money era in front of us because of the fed. managing this stuff is critically important. lori: the government has not figured out what role they want to play by way of fannie and freddie. lou: we have to move these people out of the housing industry. with this attitude being expressed by the obama administration, it comes the circle that it is a socialist view of the world. they want to disturb the basis for which people will be getting houses. right after we watched $7 trillion being stripped out of the economy. melissa: they are going back to making it a moral good. home ownership. lou: i hate that expression

neared the morality is to be responsible, to stand up and this has nothing to do with morality. this has everything to do with status him got everything to do with ignorance and the insistence of not witnessing and absorbing the lessons of history. it is impossible for even these tools to have missed it. they make people think that by virtue of buying a house, you are ensured a profit over time. it is not even true. lou: they are immoral. they are asking people to ignore what we have witnessed and lived and experienced over the past six years. this is madness.

lori: president keeping those blinders on. lou: i have to say, binders, i don't think. they are very aware of what they are doing. lori: he doesn't care? lou: i have lost concern about his views and strategies. it is obvious he is not going to come up with an interesting or original idea through the remainder of his presidency. he has not in the first five years. this is now up to others. start thinking and start moving. guy bless america, you are on your own.

that is an opportunity in this society and economy. lori: thank you, lou. you can catch lou every day. texas attorney general. heavy duty. lou: very good man. melissa: energy industry contemplating exporting oil. after a 30 year ban, could this happen? lori: if at first, you do not succeed, try, try, try again. a tax on the rich. melissa: take a look at who is up and who is down on the dow as we head out to break. we will be right back. ♪ [ male announcer ] this is joe woods' first day of work.

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now! >> another edition of "stocks now" like every 15 minutes. to the floor of the new york stock exchange, annie coal -- and, nicole, stocks still in the red. >> that's right. one name in the red and worth looking at is, of course, a global industrial-type company, and really can be a well weather and economic indicator. catcaterpillar is down almost 1, top loser on dow jones, and goldman sachs cutting caterpillar today, cutting it to a neutral from a buy rating. year to date, a loser, down 5% year to date. a couple things that plagued goldman is there's a recent slow down in sales. a declining backlog, slowing chinese economy, and what we've seen in europe, obviously, negative impacts from the european debt crisis, all of

this together, obviously, hitting caterpillar, and i should note they lowered the 12-month price tact to $101 from $116. >> a lot of information, nicole, great, thanks. >> could the u.s. be an oil exporter with domestic production booming, some question whether the u.s. needs every drop of the petroleum it extracts, but could sending oil overseas force dpas prices to skyrocket, increase reliance on foreign sources, and joining me now is max smith, commodity analyst for snyder electric. thanks for coming on the show. the number one question the audience is wondering is if as we continue to produce more and more oil, if we continue to close borders and not grant permits to sell outside the u.s., does that drive prices lower here? >> no, it would not. as we've spoken before with retail gasoline prices, they are

not dictated by domestic fundament tailings, but the global price of oil. when oil is at 110 bucks, that's why gasoline prices here up around the four bucks a gallop mark, and that's why we see demand, you know, stagnating, basically, because of energy efficiencies, because of less people driving, high unemployment as such, but, still, driven by a global price, not domestic stuff. >> would that still be the case? the agency says in 2030 we'll become a net oil exporter. if we close the borders, kept the oil inside the united states, we'd have more supply; right? so if we had more supply to puffer into the refineries, why would that not trigger lower prices at the pump? >> it's just not something that could happen now or in ten years time. >> why? >> back in -- well, in 2005, we were importing 12.5 million barrels. now we're still importing about 8 million barrels, and so even

though we are seeing production ramping up here in the u.s. from 5 million back in 2005 up to 7 million this year, 8 million next year, we still need 19 million barrels a day to meet our demand levels, and so we are still reliant on imports. >> so are you saying you don't believe the international energy agency saying by 2030 we'll export more than we bring in? i'm not saying we wouldn't import from elsewhere, but if we close to exports -- right now, you need a permit to export oil, and we're talking about the idea, send it out on the open market, you know, in the future, that we could end up sending more than we have here, and those who don't understand the market well, say keep it here and drive down prices. what is the mechanism that that wouldn't work? why is it that then oil, still, the price is set on an international stage if we keep it here, why would that still be the case? >> well there's -- the trouble is that the oil is expungeble

commodity, and so there's so much interconnectedness already here. to break those, just wouldn't be logistically possible, i believe. in a perfect world, that happens, but i don't think we could shut down the borders. countries are reliant on us, and we're reliant on other countries. it happens with dmach rail gas, but that's because it's enclosed. the situation is not possible at the moment and takes years, decades of planning. >> as of 2013 when we import more, what happens to the price of oil and to the price of gasoline? does it make it lower because there's more oil out in the world, what happens at that point? >> when we start exporting or if >> in 2030. >> that's a long way away. things can change so much by then, but if it happens, and even if we start exporting in the next few years, the price of domestic fuel is not really going to change because it's going to be influenced by global

markets. >> matt smith, thank you so much for coming on the show. appreciate your time. >> thank you. >> so, the french government is making good on revamped push for a super tax on the wealthy. the president is targeting businesses that pay high salaries rather than individuals, and no company is spared. the government says they will impose a 75% tax on soccer clubs with players making more than one million euros. the chairman says the move is bad for french soccer, and in a statement, francis futbol league called it crazy and will lose the best players, as a result. no dpowt. that's crazy. >> giving the thumb's up to social media and broader implications on what can and cannot be tweeted by public ceos ahead. >> with a disappointing adp jobs report and stock sell off, people race in treasuries today. the ten-year yielding back down

1.81%, the long end, the 30-year down as people brace up the paper, 3.05%. we're back after this. ♪ this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally.

♪ >> investors pull the plug on tesla, a new leasing program for the model s sedan, partnering

with wells fargo and u.s. bank to offer a financing deal with a 10% down payment which would be covered by the federal tax credit. at 3 p.m. eastern, liz talks with the cofounder on "countdown to the closing bell," and cypress will extend capital controls more another week extending restrictions put in place when the country had a sweeping restructuring of the banks. the international monetary fund will contribute roughly 10% of the cypress bailout package in exchange for widespread reform of the economy. that's the latest from the fox business network giving you the power to prosper. ♪

>> she's back, patricia's lawsuit against her hedge fund

owning husband has been revived. what's that say about her ex, and why does it matter? charlie has the latest on this. >> i'm low on stories so i'm combing through divorce records. no. there is a reason why we're covering this story other than the fact there's, you know, she hates steve cohen, they were divorced, patricia and steve, his first wife, still marrieded to his second life, happily marrieded, divorced in 1998, and in 2007, she filed a lawsuit saying she found information about steve that he hid assets during the divorce, that he owes her money from a real estate deal, something like $5.5 million and from a trade that he did. why do we care about the lawsuit aside from the salacious fact? >> he had a rough week. >> to that in a second. inside the lawsuit is allegations that steve traded in the past on inside information. this lawsuit was pecked up by the fbi and government investigators, from what we

understand according to sources, in the government, that the fbi and government -- the fbi principally, interviewed patricia cohen about steve cohep's past, about the allegations regarding insider trading. the statute of limitations is over, you know, this occurred, according to the cohep, in the lawsuit, occurred in the 19880s, but it is an interesting fact that the government has basically interviewed and debreer patricia about the trading activities, occurred in 2008, and now, and then the lawsuit was thrown out of court, and now it's back. this is really interesting, a rough couple weeks for steve, as you know. the matthew indictment, michael steenberg, top portfolio manager indicted. in both cases, they want those two people to flip and give information about cohen's hft. the heat is on.

you have this, and it's been a bad week for steve cohen. this is interesting, like i said, she's been debriefed by the government from what i understand. >> so how -- there's been so much chatter about him buying -- >> i forgot that part. >> the huge, you know, house down the street in the hamptons -- >> and the picasso. >> how does that play? >> sources tell the fox business network that in both cases, you know, it's something he wanted to do for a long time, and it was just the timing right to do it. now, it was not -- you know, when i saw that, i said, is he thumbing his nose at the government? is he saying, screw you guys, coming up, do whatever you want. i'm going to live life the way i want to do it. i don't think that's the case. here's what's with steve cohen once you know him, he's a brilliant trader, personally, a nice man, and generous, gives money all over the place. >> right. >> funded a children's hospital in long island, long island jewish, funded a children's

hospital in washington heightses where his second life -- al exand dray, is from, washington heights, and he's begin money to people soldiers, former -- solders who served in iraq for post-traumatic stress, a great guy. he's very tone deaf. when i asked people, like, why did he buy the painting? it's less that, a lot less that and more, like, he doesn't have a clue on how that really looks, and i'm writing a book about insider trading, and he's a principle character. in the book, i don't -- i don't know whether he's guilty or not. i just know that the government -- there are people in the government who think he's guilty of something, and there's just too much going on there. >> where was michael in that? where are we in the investigation? >> they've been indicted -- >> said he was pleading not guilty, steinberg. >> right. one thing i know about the

government, stake cohen out, they don't indict you unless they believe they have a 95% chance of winning, and they audiotape win, particularly, the southern district. pretty good record. both matthew and michael are looking at a lot of jail time if convicted. something i dweeted yesterday, i was not in the office yesterday, but there's speculation out there, and, you know, if it's wrong, charlie stillman should call me back. there's speculation out there that charlie stillman is no longer matthew's lawyer. >> huh. >> now, what would that mean? >> a long time defense attorney, if that's true, and, like id said, i put the call in, got it from a good source, charlie has not got back to me. he usually does. what's it mean? he may be changing, may be changes, we don't know. it's speculation, the direction of the defense. right now, it's i'm not guilty. i'm not cooperating. when you change the lawyer, sometimes you change the defense. we'll see. it's impossible to really know,

but it's a lot of stuff going on with this. >> without question, charlie, thanks so much. great reporting. >> update you on the markets, lost ground with the dow down 100 points. right to the new york stock exchange, nicole, what's the word? >> triple digit losses on the dough jones industrials, not a surprise to the traders here on wall street. i told you, talked about the fact that the rally was not strong at that. we saw weakness in financials, and in energy as well, so we're seeing bank of america, jpmorgan, big losers, a look at the financials right there, this, on the same day the morning banker's association reported weaker refinancing activity led to a 4% decline in home loan applications last week. that couped with some concerns about margins for the energy groups, so we've seen that the rallies we've seen have not been strong ones at that, and now the traders are pulling back right here. back to you. >> thank, nicole. the fcc gave a green light to social media, but what's it mean

for filing disclosure, things like earnings report and other corporate announcements? shibani has been covering the story. >> that means we'll have a few more channel the to go to to get information, public material information, from courses. that's essentially what the fcc ruled approvalling a couple more channels for regulation approved material. now it's facebook, twitter, other social media avenues, company blogs and websites are approved, press filings, and fcc filings as well, all under review by the fcc, and coming out in a statement yesterday, last night, in fact, here's what the fcc decided. it decided that most social media are perfectly suitable methods for communicates with investors, but not if access is restricted or if investors don't know that's where they need to turn to get the latest news. essentially, what a company needs to make clear is they use social media to get information out. all of this came under review

when a netflix ceo back in december posted material information, and all of this basically put this issue to bee, social media is okay with the fcc. that's essentially what the review was. >> so, shibani, what about facebook pages, twitter postings of ceos? regulation there? how is that handled? >> you know, using the reid hastings example, his personal facebook page and twitter page is not an acceptable place to put material information. it makes the distinction, separating church and state, lack of a better term, all needs to go on a corporate website, and this is what the fcc said, social and personal media sites of individuals employed by a public company are not ordinarily channels in which a company discloses material, corporate information. keep the personal stuff personal, and make it known on the corporate channel. >> got it, shibani, great, thank you. >> new numbers show ceos are

cashing in, a study by consulting firm steven hall and partners found in 2012 median ceo compensation increased 7% from the year before, and while bonuses took a slight hit, down 1% last year, base salaries increased by 3%. there's one ceo who is not raking it in for sure. jcpennye's ron johnson, taking a huge cut in 2012. his compensation cut nearly 97% to 1.9 million. >> still a few million bucks. >> almost two million, but that's amazing. >> yeah, we love the perspective checks. >> all right. check the bags, go through security, and step on a scale? >> sure, why not. >> the new airport routine if you are flying samoa air. wow. >> it's been ten years since "finding nemo," ten years, that's surprising; right? now they have a sequel.

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>> all right. we got a news alert for you. it is official. jimmy fallon takes over as host on the "tonight show," and jay lean know is leaving next spring. dennis, i feel i've seen this story before. >> sure. >> didn't turn out the way we thought last time. >> here's what's interesting. nbc was not supposed to announce in may with the fall lineup, and you make a big deal with advertisers. did they put it out today makes me wonder whether nbc's new

owner, comcast, takes a tough guy approach to jay leno saying you will not intimidate us or let you try to scare us into not making retirement. we decided you are retiring. i wonder if it's a tough stance by comcast. how will they handle this transition? why should you announce that you leave and become a lame duck for this long? you got to wonder. >> the last departures didn't go well, and didn't depart at all. another story, long awaited sequel to "finding knee moe." >> i love it. it was a decade ago, grossed almost a billion dollars, best selling dvd of all time, spawned merchandise sales, video games, rides in theme parks, and oscar for best animated film, but for years fans waited, no sequel. at long last, now it's "finding dori" starring ellen degeneres set to release november 25th,

2015. what took so long? a feud between disney's ceo at the time and steve jobs, the apple ceo who controlled the pixar and they thought sequels were tacky, but toy story 3 grossed a billion dollars. there's circle 7 animation to make sequels to seven films that disney owned, and that, likely, enraged steve jobs and the pixar people, and bob saves the day. succeeded the disney's ceo in 2005, shuts down 7, loses steve jobs, buys pixar out right a year later, billions of dollars of revenue streaming in every since. "finding dori" could at to the cash, and shot of vindication for a pixar legend, the ninth employee to join when it began and voice of "crush," in "finding nemo," the surfer dude, and he directed "john

carter," this is his come back. >> oh dennis, good stuff. >> okay. >> all right. you pay for what you weigh. >> i don't like that. >> one airline ease bis philosophy, samoa airlines prices air fare based on the passenger's weight. your weight and back damage items is what you pay for. simple. you basically book online, and travelers enter an estimate of the weight and the luggage, and customers and luggage are weighed again at the airports to ensure you're not fibbing where they make the payments, and the company says processing for online payment is soon to become -- meeting about this has one of the world's highest obesity rates, so -- >> wait, i have a plan. i could show up with an empty suitcase, step on the scale with the empty case, and blame the weight on what's in the suitcase. >> oh, come on. >> there you go. coming up on "money," vince neil joins me, vince neil! how much money musicians make

these days, the future of the music industry, and tell me about motley crew's run in vegas, businesses started, a tattoo business now. that's tonight at 5 p.m. eastern. >> you're a hair band fan. >> yeah. >> stick with us. "markets now" continues.

>> welcome back. already ori in for r tracy, and stock losses accelerating. the dow off by some 117 points. the nasdaq and s&p shedding more than 1%. blackrock's chief investment strategist will be tells us how he's playing the market in moments. >> serging demand for high skilled workers, 85,000 could be snatched up this days. many say breaking the limit helps the economy. closer look this hour. >> yogi could call it deja vu again. approve more home loans for

people with weaker credit? critics claim it's a recipe for another housing crisis. sounds like it. i know what lou dobbs had to say in your hour earlier, had strong feeling, let's put it that way. stocks tumbling, dow up a hundred points, and, nicole? >> as you talked to me, i looked at the graph behind you, a blip of green right at the morning, even after we got into the adp jobs report, which, obviously, showed weakness in the private job sector, and the ism number showed services weak as well, and with that, put it together, and you see weakness across the board. now the dow jones industrials down 108 points. nasdaq's down one and a quarter percent, and s&p down over 1% as well. retailers, drugs, banks, all lower. look here at the dow jones industrials over the last week. yesterday, record closing highs for the dow jones industrial. however, we are seeing, today,

that it is pulling back 107 points. it's up -- for the whole month of march, great days, up 14 of the past 20 trading days. weight from financials in energy, and we are seeing a lot of the financials coming to the downside, for example, bank of america, and jpmorgan down, and bank of america down 3%, jpmorgan over 2 #%, and decline in home loan applications as well weighing anthem as well. back to you. >> thank you, nicole, thank you very much. after the s&p and dow closed at new highs yesterday, and for more on the markets' next move, bring in blackrock's chief investment strategist. ross, thank you for being here. there's a sell off today. are you in the camp that we need some sort of correction, 3%, 5%, some say 10%, but is that what the market needs right now? >> well, i don't know if we need it, but i think we may wind up getting it. i think the challenge is we've had a huge run up in the huge

quarter. a lot was justified. we had stronger than expected economic data, some of the issues out of washington, at least temporarily went away, but the markets probably got ahead of itself, and what we're seeing this week is as some of the recent economic numbers disappoint, yao seeing a pull back. we had three this week. the adp numbers, services, and a very big miss monday on the ism manufacturing numbers. to me, that's what's behind the pull back in the market. >> what does that say about the economy? regimely, it is bumbling okay. gaining ground, and, you know, compare ourselves to the eurozone, we are really in good shape, but what about the shape of the consumer that is so critical to this economy, russ? is the consumer still cautious, and in time, businesses with them? >> well, the interesting thing about that is arguably the consumers maybe not cautious enough. we had a good run of economic

numbers, and part of what's interesting is that consumption held up much better than people, myself included, have expected, particularly when you factor in tax hikes and fiscal drags. it's due to a stronger housing market, stronger labor market, a better stock market. unfortunately, it's a less benign reason for that as consumers dip into the savings. in january, we saw the savings rate dipped to 2.2%, lowest in years. what that tells me is that part of the rebound on consumption is not sustainable unless there's improvement in real income growth, which, so far, eluded us. >> yeah, that's a good point. look, we have first quarter earnings seasons coming up. a lot of analysts out there say this could be the catalyst for a pull back in the market. what do you look for in the earning season, and what's it do to the markets? >> i think a couple things. first of all, forward guidance on revenue. we had a warning a few weeks ago from federal express, a cyclical

company, and that was a little bit of an indication that maybe while growth is getting better, not quite as fast as investors expected. the second is margins. you know, one of the reasons we had a great rally, evaluations stayed reasonable, is that margins are elevated. corporate profits 10% of gdp, the long term average at 8%. if we continue this rally, we need to see margins hold in there that the other critical thing to watch. >> yeah, and the bar is set so low these days, almost a joke. oh, my gosh, we beat expectations. i goes it's the gyps we should be paying -- guidance we should be paying attention to. >> yes, that's exactly it. >> talk about the fed in qe. talk about living in an artificial environment. if and run the fed pulls the rug out, smoothll or could that triller a flood of sell options out there? >> well, there's trying to do it smoothly, whether it's

successful, we'll find out. what we've seen over the last few months is a growing consensus that when it comes time for the fed to start to ease up on the accelerator, you'll do so in a general fashion. what's that mean? a couple things. first of all, they are likely to slow down the rate of asset purchase, rather than stop it entirely, and second of all, i think there is a growing likelihood that when the time comes, rather than sell down their portfolio, what's likely to happen is you let that run off naturally as the securities, the treasuries and mortgage backs mature meaning at least on paper, a more gentle exit strategy for the fed. >> i hope it's as smooth as you describe it. ross -- >> we'll find out. >> thank you so much. thank you for joining us today. >> thank you, ashley. lori: great to see you. the white house pushing banks to approve home loans for wider range of borrowing, those with weak or low credit equity

borrowers. peter barnes is covering the story from washington. peter? >> that's right. sources confirm the obama administration launched a broad push to get mortgages to people with weaker credit records and provide banks with a taxpayer guarantee that they won't make their payments. sources say the administration is working with banks, the federal housing administration, the justice department, and other agencies to help home buyers with lower credit scores, but who might not be able to make mortgage -- who might be able to make mortgage payments now, but can't qualify because the bank is still cautious and tight with the lending standards. critics worry is sews seeds for another financial crisis and taxpayer bailout. >> this is a bad mistake, and it was shown to be a bad mistake by what happened in 2008. we would not have had a financial crisis if we had not followed policies that were intended to increase home ownership by making financing

available to people who otherwise would not be able to get mortgages. >> the boom and bust were not caused by providing 30-year fixed rate mortgages to generally qualified families. it was caused by providing toxic mortgages with huge rate resets, with absolutely no underwriting at all. >> now, julia gordon says the administration is trying to loosen up credit a little bit for certain people. for example, home buyers who might have lost a job in recession, missed a few credit card payments, don't have the best credit score right now, but now is a steady job and can make those mortgage payments. she estimates the changes could help hundreds of thousands more families buy a home. lori? lori: thanks, peter raised a great point about loosening the spigot on the credit market. ashley: depends to what degree, and people miss things because

they lost their job, and they are back up and working again, maybe it works, but i think banks are already on this. >> hopefully they learned a lesson. ashley: think they would, but we'll see. on deck, putting the breaks on hiring. visit one wisconsin company that's turned cautious after doubling the work force just in the past few years. lori: bird flu cost billions in economic damage the last ten years, and now, stop sneezing, ashley, a new strain emerging in china. we are on the story in "medical dollars," coming up, but, first, check how oil is trading today. ♪

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this week. charles? >> hopefully people already made the money, pulled back, but still up, magic jack, and, lori, you were not here. the reason -- it's scary because it's a stock down a lot, but down in part because they delayed the filing of the reporting, but also it's an industry that phone lines or hard lines are shrinking, but there's still a ton out there, the biggest player in the space, the numbers are phenomenal. yesterday, the appointment was up three bucks in the aftermarket. i don't know how many trade then, but when it opened monday, up 19%. i hope you took profits. 19% in less than 48 hours. ashley: did you take profit? >> are you kidding me? bears and bulls make money, pigs are slaughtered. you make 19% in 48 hours, you have to take it off the table. lori: run for the exit. what's the fundamental. earnings beat by 40 crepts, the

earning report that's too good to be true. i thought, oh, god, but, you know, it's interesting because that's the same for today. i'm watching big winners take big hits here, you know, people are getting edgy, nervous, and, of course -- ashley: the correction we've been talking about? >> you know, i got to tell you, this is personal. this has been the stealthiest rally in history, most hated rally, it makes people mad on the left and right. ashley: quite an accomplishment. >> it is. doom and gloom every single day. you know, listen, i think that's over blown, but after the adp report this morning, the ism this morning -- lori: still significant problems in the economy. >> exactly. last year we started strong, and everybody said it was premature and the rest of the year limped along. golly, a replay of that? more ang icy today than before. lori: bond market is way down.

ashley: benjamin -- ben bernanke plints money. >> on both sides of the atlantic. ashley: time to check the markets, nicole's on the floor of the ncsc. >> i'm going to go right to the story, online gambling for zinga, it's interesting we talk about zinga in this way. online gaming, two programs they are looking at to do so in the united kingdom, and with that, you can see here that zinga is jumping big time, up over 15% on this news, and the idea here is that whether or not they'll be able to roll it out similar right here in the states. you can see zinga there is a winner today, and, certainly, we watched it on the move, year to date, up 50%, no date that zynga is a winner, and they have a buy rating, $4 # price target, they

like the idea, and, obviously, over in the u.k. and here at home. facebook, a quick look also at facebook. what's interesting, we know how they are tied, but facebook now up 2.7%. facebook, jpmorgan came out and said the recent weakness in facebook is a buying opportunity. of course, a $38ipo last may, you remember, but, certainly, a winner today. that's the latest, back to you. lori: all right, nicole. ashley: thank you very much. lori: what if we're not? go rogue and go 16 minutes? ashley: you're on the edge. maybe, thinking about it. lori: a boom in the energy sector doubled in two years, a midwest manufacturer oil extracting equipment put the brakes on future hiring. why? jeff flock has the story from wisconsin. jeff? >> lori, up close and perm with the adp must numbers in a numbet this is a huge company in wisconsin making equipment for

drilling, oil extraction, oil tar sands, extraction, mining and the rest. this is the balls. what am i looking at, sir? >> this is a drill mass for a blast hole machine. >> a blast hole machine use the in the mining industry. who is hiring? this is a medium sized company. small businesses this last month hired the most workers, medium sized companies, about 37,000 workers, and large size companies where most of the hiring is done, small and medium sized companies. is the hiring that you've been doing over the course of the past couple years done? >> it's tapered off. job shock, you never know what comes in tomorrow, but i think we're probably going to plateau pretty much for the year. >> david ball, sr., and david ball, jr., these are the jobs hiring, and manufacturing jobs are lagging. >> yeah, and like my father

said, i would agree the last three or four months we have seen a little bit of a stagnant growth. for the year, we are looking okay, but overall, i, you know, it is down from last year. >> this is what the adp numbers are seeing, and this is what played out here in wisconsin. by the way, what is that, by the way, i'm looking at? >> a vertical cast transporter to go to a nuclear power plant, and it'll move vertical casts from the nuclear power plant to a storage facility. >> things seen only here on the fox business network. also, go to the web. we got a segment called "conference room," and these men will be on there talking to other medium sized business owners about what works for them. again, you get it only here on the fox business network. lori: check it out for sure, jeff. great to see you, thank you. ashley: cool glasses as always. lori: a fashion statement. verizon dashes hope for a takeover. elizabeth mcdonald's report

next on a part of the deal that might not be dead just yet. ashley: contention in that particular deal. first, look at how the dollar's moving today. as you see, well, the euro and the pound up against the dollar. the euro is going to hit 1.29, struggling with cypress, a mixed bag today in the currency market. we'll be right back. ♪ friday night, buddy.

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>> at 22 minutes past the hour, i'm patty arne brown with the news minute. a real and clear danger from north korea after they banned several hundred south korean workers from entering a jointly-run industrial zone. pyongyang is vowing to restart a nuclear reactor and the u.s. is working with others to diffuse the tension. secretary hagel warns of the deep spending cuts in the defense department saying funding for training and equipment is pressured by higher benefits and military management costs. new jersey governor chris christie supports rutger university's decision to firemen's basketball coach, mike rice after a video surfaced showing that rice verbally and physically abused several places

saying, quote, the way the young men were treated by the head coach is completely unacceptable. that's the headlines, back now to you. ashley: dramatic video. thank you so much, appreciate it. phone shares tumbling 5% after verizon that has no intention of buying the british giant, and invest gears wonder what happens to the company's joint venture over verizon wireless. liz has more in the bottom line. these companies are contentious, isn't it? >> that's right. it's a merger since 1999, and verizonmented to get out it it, dump -- sell back the 45% stake, and the way it works now, verizon wireless is a coveted asset. it has 89% of basically end rows into the population and it's always ranked high in jp powers customer satisfaction, but i'll tell you something. the deal may not be off the table.

if it goes, it involves at&t, a 245 billion possible deal. not sure if it happening by the end of the year. there's rumors about it. that deal price involving at&t and verizon dwarfs time warner deal price earlier in the last decade of $182 billion. here's the problem. i mean, here's the deal. voda phone likes verizon wireless' cash flow, it's tax free, relieves its european operation problems, but the way they would -- the talk now construction of the deal is basically get at&t involved. in other words, verizon buys back the 45% stake, and at&t picks up remaining assets in europe to help out the sticking point, a big whopping tax bill they don't want to pay $20 billion on a $115 billion sale price. they don't want to pay the cap gains price or tax bill so they want at&t involvedded no break

the deadlock. lori: consolidation begs to question competitive issues and fcc -- >> absolutely. that's a great point because there would be some trust busting issues involved here. tell you something, this has been something that's been on the radar screen for now the better part of 14 years. there's been talk of the breakup in 2003, 2004, and 2005. who knows, maybe this is the time that they say, you know, we want out of the business, but the sticking poupt, again, is that tax bill, and, also, when you read verizon's statement denying talks, it was aimed at the management saying to investors that you get your management to lower the deal price that you look for, that deal price around 115 billion bucks, i don't think verizon sits tight. they want the price lower. there could be a megadeal happen. we don't know when between these. ashley: waited 14 years, we'll wait longer. >> that's great. ashley: good stuff, appreciate it. lori: telecom is leading the

rally the last couple months. after the financial crisis, a survey how americans change the way they spend and save. details ahead. ashley: oh, but first, look at today's winners and losers on the s&p 500. more losers than winners, but there's some of them in the green. we'll be right back. ♪

♪ ashley: 90 minutes until the close. let's take a look at the dow 30. a lot of red. nicole has been talking about the financials struggling today. let's go to nicole petallides at

the new york stock exchange. nicole: i was doing a lot of that talking. you say that the rally we have seen has been a little bit weak and tepid. what do you make of the market going forward? >> well, that is true. s&p is hitting new highs. the russell 200 is at new week lows. it is quite rare. financials are starting to roll over. it is to watch what they are worth when they start to turn over. everyone has been talking the last couple on about, yes, we need a correction. the sentiment is to bullish. fewer stocks hitting new highs territory. fewer and fewer stocks.

at this point, you have to be really selective about what you own. the other stocks, like the metals-- oil and refiners are hitting new lows. you want to look at the safe haven. look at the beverage makers as they hit new highs. the 20 thank you. u.s. steel would be an example of that. value. ashley: thank you very much nicole. tracy: scared or confused to now confident or prepared. gerri willis is joining us now. gerri: consumers are taking

action to make sure they had enough money in the event of a crisis. 42% are getting increased contributions to their 401(k). 42% increased size of emergency savings. people are doing the right name. what is the federal government doing? they are getting ready to lend more money. we learned from the financial crisis. the government did not. still making stupid loans. tracy: not to mention, all the standing the government is going forward with. ashley: not a good thing. gerri: apparently, the white house wants to call may "financial month" and tell americans how to budget. tracy: they have a sense of

humor, don't they. ashley: we heard more and more people say they have frozen their contributions to 401(k)s or they have been dipping into them a little bit. gerri: this is a survey of 20 people. it is nice to see one bright ray of sunshine. it is also wall street. let's face it. they are always expecting the worst out of consumers. we are the ones keeping the economy rolling. we are 66% of spend in this country. we will get back to newtown. you know, though many of us gave money to the folks that suffered in that town when so many children were gone down.

now, the victims are not getting money. we will continue to cover that story. we will find out if they are any closer to getting the dell. tracy: gerri, it is nice to see you. ashley: do not miss "the willis report" tonight at 6:00 p.m. and 9:00 p.m. right here on fox business. crude loss of over 2% today comes after some polite reports show that oil inventories are at that level in 22 years. tracy: $94, that will send you back, though. ashley: it could be heading higher. we will see. doctors around the world on alert. doctor manny alvarez is on the

story of bird flu ahead. tracy: let's go ahead and show you the treasury sphere. people are piling into what they see as a secure investment. ♪ what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally.

♪ cheryl: i am cheryl kloza with your fox business brief. mr. taylor pleading guilty today to one count of wire fraud. we are very disappointed by mr. taylor's unauthorized conduct. he posted a bond. his sentencing hearing set for july 26. paypal is expanding. they have already tested the program sellers in the uk. see a ride on wall street after disappointing reports on the u.s. economy. take a look at the dow. that is the latest from the boxes network.

giving you the power to prosper. ♪

♪ ashley: in today's medical dollars report, the bird flu has already caused $20 billion in economic damage over the last 20 years. scientists are racing to see if it raises a pandemic risk. doctor manny alvarez is joining us right now. >> not a panic, but, again, one of these days we will have a panic. these bird flu have infected humans. the mode of transmission is bird to human. just like you said, it is a very

low type of bird flu. people who have gotten it have gotten critically ill. three people have died beard we have to be very careful and monitor any further outbreaks. tracy: is there a vaccine? >> i am sure that the federal vdc level, they have to be prepared to develop vaccines for this new strain. age seven and nine, this strain has been around for a while. theoretically, it getting a vaccine will not be a problem.

it did not pan out to be a huge academic. a lot of animal disjunction has occurred and that is why you have those economic numbers before. right now, things are being monitored. every organization is looking. the fax right now remain that it is animal to human transmission. not human to human. a lot of these viruses, poultry cut chicken have been some of the culprits. this is happening in china where sometimes the conditions are a little problematic and domain. farmers get exposed to these viruses that could be problematic.

anyone could bring one virus in a matter of hours to any part of the planet. ashley: china has increased more and more. people doing business there. >> to china's credit, they have been very transparent. they realize what the economic impact and human impact has been. they have been very transparent and working with the fda and cdc. i think they are doing a decent job. ashley: thank goodness for that. thank you very much. tracy: it is official. jimmy fallon will take over as host of the tonight show in about a year. dennis kneale all over this story. dennis: now that it is indeed open show, but, clearly, it is

not his choice, the big question is whether it sets up another year of backbiting and sniping with jokes that really aren't jokes at all. that had to alarm nbc's new owners, comcast. nbc tried to retire leno in 2009. he won back the tonight show sending his successor conan o'brien into cable. this transition was expected to be unveiled in may. bumping up the announcement today, comcast basically taking a tough stance throwing down the gauntlet to lend no and showing him it has no fear.

it has to be a better sweet moment for leno. he is letting viewers in the age group that advertisers pay to reach. jimmy kimmel is up 24%. the long wait begins. the entire tv business with to see whether this time jay leno will go out gracefully and quietly. ashley: we will seee lori: thank you, sir. ashley: time for stocks. let's head down to nicole petallides. the dow up still some 80 plus points. nicole: we are seeing some improvement. we are up off the major lows on the averages. 413 names out of the 500 have down arrow.

we've talked about financials. we have talked about energy. how about homebuilders. we are talking about some dramatic moves. faulty down 5%. we have seen some of these names on the s&p 500. we got in our adp numbers this morning. it showed private sector jobs were awaiting the monthly jobs report on friday. we are seeing a little bit of weakness across the board. caterpillar would be an example of that. the weakness in europe spilling over. we are seeing the homebuilders, obviously, getting hit hard today. ashley: the cool, you very much. lori: the south for high skilled foreign workers to be matched up in days.

we will hear why next. ashley: more talented students. first, let take a look at today's winners and losers on the nasdaq. ♪

♪ lori: private employers hired the fewest numbers of workers and five months in march. visa for high skilled workers are expected to be snatched up by u.s. companies and just a week. that is quite quickly. my next guest thinks raising the limit on these visas is an easy

way to stimulate the economy. we are pleased to welcome you to our show. use 85,000 visas to these high skilled workers is not enough. why is that? >> the demand from companies was much higher. if you look at 2007, for example, the first day that the petition window is open, the u.s. government receives 150,000 petitions that day. they then held a lottery to allocate those visas. the demand this year, a lot of allocations are it will be just as strong. new opportunities, new product and, ultimately, new jobs. lori: how will it expand the u.s. economy? >> picket at the fortune 500

companies. one of the ways is through new jobs. in 2010, of the fortune 500 companies in america, 90 of them have been founded by and immigrant and another 114 have been founded by the child of an immigrant. they have contributed to growth and ideas of jobs by creating new companies. it is a great sub dynamism for america. lori: u.s. workers -- workers do not have the proper skills. is there a way to train or retrain americans to also take advantage of jobs? >> there definitely is. that is an important point, i think. it should be seen as a complement, not as a substitute for important efforts to educate

workers. those efforts really need to be continued. it is not that immigration reform should substitute for that. my industry is a great example. at my school, over a third of our students are foreign born. they enrich this classroom environment and the learning environment for the american students as well. lori: they challenge these federal permit level and all of these and all of these things getting into the way of doing business, politics, if you will. even if you get these highly skilled workers in the united states, the companies have their hands tied because they are spending too much on healthcare costs.

they cannot get the credit they are looking for. that is an issue as well. >> that is a great point. it is the implementation of that. our immigration reform, ideally, would not just expand the number of immigrants coming in. this is a great example you raise about life with international tax policy and other issues. it is what we are doing compared to other countries. more and more, countries around the world are becoming more inviting and are bringing in simpler and larger numbers of high skilled immigrants. these talented individuals are in greater competition and more countries. lori: what is the status and congress of increasing the number of high-speed visas? >> great question. i think the odds of

comprehensive immigration reform this year are much higher if there is group of bipartisan senators that are soon to introduce legislation. lori: fascinating discussion. thank you for your time this afternoon. >> my pleasure. thank you for having me. ashley: talking about taking a guy when he is down. reviving a lawsuit against steve cohen by his ex-wife. the appeals court says the lower court was wrong to throw out that claim some to years ago. the lawyer says he is delighted. i am sure he is. it comes five after they

arrested michael steinberg on insider trading charges. he .a hampton mansion and took also for a mere $15 million. lori: you never know what goes on behind doors. liz claman is on her way in. "countdown to the closing bell" is next. ♪

♪ liz: your uncle and zero bags of money until is unified in the one stock that will make him money. where would you put it? 4 billion in assets under management and gives us his answer. when you think luxury you think of